Seven out of 13 energy companies have now announced a price increase for customers on the back of increased network, system and wholesale energy costs.
As one of the biggest suppliers in the country some might have thought they'd announce sooner, regardless, Bord Gáis Energy is the latest energy company to announce a price rise for its customers which makes it the seventh supplier to do so in only two weeks.
The announcement from Bord Gáis now means that more than half of all providers have increased their prices.
But what does Bord Gáis Energy’s announcement mean for customers?
Cost of the increase
Bord Gáis Energy will increase the standard unit rate for its electricity by no less than 8% from Monday April 12th.
The increase will see BGE customers pay an extra €6.75 per month for their electricity, adding just over €80 to estimated annual electricity costs.
However, the energy supplier has said the company’s price freeze for gas customers will continue, but said it could no longer absorb increased network costs, according to Managing Director at Bord Gáis Energy, Dave Kirwan.
We’re committed to providing the best value possible for our customers and have been working hard to hold off raising prices for as long as possible. Last September we announced a price pledge, absorbing increasing network and system costs ahead of the winter period and protecting our customers when they needed it most. We’re pledging to extend this price freeze for gas customers, despite increasing wholesale costs however we can no longer absorb increased network, system and wholesale costs for electricity.
We are focused on doing all we can to support our customers. We have the best in market gas loyalty plan for existing customers and have just launched a range of innovative smart plans to help customers make the most of their smart meters. Over the past twelve months, we implemented a range of measures to help our customers and continually encourage anyone facing difficulty to engage with us. We’re in contact with our most vulnerable customers and commit that no one will be disconnected for non-payment during Level 5 restrictions.
Energy prices on the rise
The price increase comes on the same day that Flogas increased its electricity and gas prices by 8.5% and 6.5% respectively, also coming into effect from April 12th.
SSE Airtricity was the first supplier to announce a price increase in 2021 with a rise of 6.2% and 4.5% to its electricity and gas prices.
If you've been wondering why prices have been going up, you can read our explainer here as to why energy prices are increasing for customers.
Switch and save
If you’re seeking better value and looking to offset the cost of any price increase the best option at the moment is to switch.
There’s huge competition for new customers right now among all the suppliers with discounts of over 40% on offer for an entire year in some cases, while the average energy switcher right now could see themselves save around €500 a year on their energy.
It’s quick and easy to switch and with more time being spent at home than ever before, energy usage in households is likely to reach record levels, meaning it’s never been more important to ensure you’re on the most competitive tariff.
Compare prices today with our energy price comparison calculator. You can compare prices and deals across all 13 energy suppliers nationwide.
Before switching, you may find it useful to read one of our energy guides, such as our frequently asked questions about switching energy supplier or our guide on what exactly you need to have on hand to switch.